Deutsche Bank announced on Tuesday that it had upgraded its recommendation on AstraZeneca shares to 'hold', just over two months after downgrading it to 'sell'.

In a research note, the financial intermediary looks back on the unexpected dividend increase announced by the biopharmaceutical group last week, ahead of the publication of first-quarter results and an investor day in May.

While acknowledging that he still has a number of questions about the laboratory's innovation policy and its costly acquisition strategy, DB says he cannot deny that several important catalysts are on the horizon for 2025, which leads him to raise his price target from 9,500 to 10,500 pence.

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